China's first-tier home prices rise in June as market stabilizes

(ECNS) - New home prices in China's first-tier cities rose in June from the previous month, while price declines across lower-tier cities continued to narrow, suggesting further stabilization in the country's property market, official data showed on Wednesday.

New home prices in first-tier cities rose 0.1% month-on-month. Shanghai and Shenzhen each recorded gains of 0.3%, while Beijing fell 0.3%.

Prices of existing homes in first-tier cities rose 0.3% from May, with gains recorded in Beijing, Shanghai, Guangzhou and Shenzhen.

In second-tier cities, new home prices were unchanged after a 0.1% decline in May. Third-tier city prices fell 0.3%, though the pace of decline eased.

The Ministry of Housing and Urban-Rural Development said total new and existing home transactions in the four first-tier cities and 12 regional hub cities rose 21.7% year-on-year in June.

Unsold commercial housing inventory stood at 763.15 million square meters at the end of June, down 0.9% from a year earlier and marking a fourth consecutive monthly decline.

(By Zhang Jiahao)